August 16, 2008
The Central Bancompany deployed Chesapeake System Solutions' T-Recs Enterprise and Internet Data Manager (IDM) to help minimize operational and financial risk. According to Owings Mills, Md.-based Chesapeake, T-Recs enables banks to reconcile the entire balance sheet — cash and noncash accounts — and includes a workflow management engine that keeps compliance processes on track and automatically escalates unresolved issues. The solution also automates the upload of financial data from third parties, such as the Federal Reserve and other fund settlement entities.
"Our reliance on manual reconciliation procedures in an environment of growing transaction volume created considerable operational and financial risk," said Lisa Pittman, VP and controller with Jefferson City, Mo.-based Central Bancompany, in a release. "T-Recs Enterprise minimizes those risks through standardized rules, optimized processes and enhanced visibility."
Central Bancompany uses T-Recs Enterprise to, among other things, reconcile 11 internal applications to its general ledger system, perform official check reconciliations, and complete Fed and correspondent bank reconciliations. According to the bank, it has cut the time needed to arrive at its daily Federal Reserve position by two-thirds and is saving at least one hour per day per branch in reconciling principal accounts in the consolidated loan operations area.